Self Employed

As a self-employed person or sole trader, how would you keep a roof over your head if you couldn’t work because of illness or injury?

Young Boy Wearing Superhero Costume and Business Suit is Jumping

As a self-employed person or sole trader, you don’t have an employer paying you if you’re sick or have an accident and unable to work. And, if you have a family you don’t have the death in service benefits that came with employment.

 

For a self-employed person or sole trader this is potentially one of the most vital insurances you could have as you may only be eligible for the state benefit Employment and Support Allowance (ESA). Depending upon your income, age, and circumstances such as your savings, the maximum amount you may receive is a weekly payment of £109.30.

 

We can even get cover for you if you are self-employed and can’t evidence your earnings.

For a self-employed person or sole trader this is potentially one of the most vital insurances you could have as you may only be eligible for the state benefit Employment and Support Allowance (ESA).

Many self-employed people therefore take out income protection insurance and critical illness insurance in case they get too sick or injured to work, or get a serious illness.

 

Consideration should also be given to private health insurance to get you back to work faster. Life insurance is also common for people who have dependents, such as a partner or children.

 

As an example, if you are 30, a non-smoker and in good health, then a premium of around £15 per month would provide you a monthly income of £1,000 for up to 2 years. For a monthly premium of around £30 you could extend the period it pays out from 2 years to 38 years (the number of years to state retirement for a 30 year old) should you be unable to work due to an accident or sickness.

 

If you are self-employed and unable to prove your income you can still receive £1,083 per month.

Knowing you’ve chosen the right protection solution is only achieved if you have received professional advice. There are many Protection providers and each has their own specialisations and exclusions which means policies taken out online or without independent advice are often not paid out.

Lightblue Online was set up to provide specialist help to people unsure how to go about choosing from the many Protection products available. For example, you might not be insured for certain illnesses if the diagnosis is made after you reach a certain age, most policies pay out only once but some will make a small payment if you are diagnosed with a less severe illness, and some insurers cover your children at no extra cost whilst others may not.

 

Our specialists will help you to navigate all the options to find the cover that is right for you and your family at an affordable rate.

 

If you’re unsure what you need then contact us either by phone on 01702 719625, by email at enquiries@lightblueonline.com or by using the contact me option by clicking here.

  • Types of Self Employed Insurance

    Accident and Sickness

    An Accident & Sickness policy doesn’t pay an income if you’re made redundant or find yourself unemployed for any reason other than ill health or reasons of your own making.

    Critical Illness Insurance

    Critical Illness Insurance provides a tax free lump sum payment on diagnosis of a ‘qualifying’ serious illness.

    Critical illness insurance is a complex product with exclusions and pay-outs varying greatly from insurer to insurer. Typically all insurers cover illnesses such as cancer, heart attack, stroke, Alzheimer’s and multiple sclerosis. A comprehensive policy can cover you for over 170 ‘qualifying’ illnesses, a typical one less than 50 so it pays to talk to an adviser to ensure you get the best policy for your budget and health concerns.

    Click here for more details on Critical Illness Insurance.

    Life Insurance

    Life insurance is a simple and cheap way to help protect you and your family from the financial impact of a premature death through by paying them a lump sum amount.

    When set-up correctly in a Trust a lump sum payment is paid out tax-free on a death.

    Click here for more details on Life Insurance.

    Private Health Insurance

    If you become ill or have an injury then Private Health Insurance, also known as Private Medical Insurance, offers peace of mind that you can get medical assistance quickly, so your life or work needn’t grind to a halt.

    It is designed to ensure that if anything were to go wrong with you or your family’s health you have access to some of the best private healthcare available in the UK, covering the costs of surgery, consultancy fees, accommodation and nursing at a private hospital.

    Amongst other things, it offers cover for early diagnosis and treatment, paying for anything from physiotherapy on a sprained ankle to seeing a consultant about chronic back pain, from diagnostic tests to major heart surgery, or even the latest in chemotherapy treatments.

    Click here for more details on Private Health Insurance.

    Lightblue Online was set up to provide specialist help to people unsure how to go about choosing from the many Protection products available.

    Our specialists will help you to navigate all the options to find the cover that is right for you and your family at an affordable rate.

    If you’re unsure what you need then contact us either by phone on 01702 719625, by email at enquiries@lightblueonline.com or by using the contact me option by clicking here.